Atlantic City New Jersey

[Emma Fitzgibbon]

Anyone actively investing in buy and hold rentals in Atlantic City? Also looking for insights on building new construction there. Waterfront lots seems to be a great price for NJ shore area. Looking for ways to make money but also have a beach house. Willing to house hack or have accessory dwelling unit. Any info on taxes and insurance (flood/hurricane) also welcome!

thanks,

Emma

[Jessica B.]

I wanted a house at the beach and loved AC so I came down to house hack, but I don’t know what I’m talking about so I won’t get into that lol.  

One thing I didn't realize was how difficult it would be to get home owners insurance, nobody wants to insure a house by the shore. New Jersey Manufacturer will but they have a 20% deductible for hurricane damage. Narragansette Bay also insures but has breed restrictions if you have a dog. Flood insurance is through FEMA and isn't too bad, I think mine is like $1200 for the year. I didn't know what to expect coming in, but I was expecting worse.

For NJ, I don’t consider AC taxes bad but some houses do have ridiculously high taxes so that is something to keep in mind and check. This past year they did reevaluate house values and reassessed taxes.

Another thing to watch out for are streets that flood, particularly by the bay.